Company Announcements

2023 Payments to Government Report

Source: RNS
RNS Number : 2118S
EnQuest PLC
13 June 2024
 

   

 

                                                ENQUEST PLC, 13 June 2024

 

                 Reports on Payments to Governments for the Year ended 31 December 2023

 

This report provides information in accordance with DTR 4.3A in respect of payments made by the Company to Governments for the year ended 31 December 2023 and in compliance with the Reports on Payments to Governments Regulations 2014 (SI 2014/3209).

 

This report is available to download from: https://www.enquest.com/environmental-social-and-governance/governance/business-conduct This report will also be made available on the National Storage Mechanism.

 

Basis of preparation

The payments disclosed, which are on a cash basis, are based on where the obligation for the payment arose (i.e. at a project or corporate level). Where a payment or a series of related payments do not exceed £86,000, they are not required to be disclosed under the UK Regulations, however this has been disclosed in aggregate at a corporate level for clarity over obligations

All of the payments disclosed in accordance with the Directive have been made to national Governments, either directly or through a Ministry or Department of the national Government, with the exception of the Malaysian payments in respect of production entitlements, supplementary payments, royalties, research CESS and education commitment payments which are paid to PETRONAS (Petroliam Nasional Berhad, the National Oil Company of Malaysia).

Project/entity name

Licence

Production entitlements

Taxes

Royalties

Licence fees

Research CESS

Supplementary payments

TOTAL


mboe

$'000

$'000

$'000

$'000

$'000

$'000

$'000

Kraken & Kraken North

P1077

-

-

-

-

              555

-

-

              555

Heather & Broom

P242 & P902

-

-

-

-

 

191

-

-

 

191

Greater Kittiwake Area

P73 & P238

-

-

-

-

              189

-

-

              189

Scolty & Crathes

P1107 & P1617

-

-

-

-

              487

-

-

              487

Magnus

P193 & P2599

-

-

-

-

374

-

-

374

Bressay

P234, P493, P920 & P977

-

-

-

-

428

-

-

428

Bentley

P1078

-

-

-

-

659

-

-

 659

Corporate


-

-

21,942

-

202

-

-

 22,144

Total United Kingdom 

-

-

21,942

-

3,085

-

-

25,027

PM-8E


 794

60,621

-

1,272

-

691

9,926

72,510

Corporate


-

-

18,163

-

-

-

-

18,163

Total Malaysia

794

60,621

18,163

1,272

-

691

9,926

90,673

Total Group

794

60,621

40,105

1,272

3,085

691

9,926

115,700

 

Project/entity name

Licence

Production entitlements

Taxes

Royalties

Licence fees

Research CESS

Supplementary payments

TOTAL


mboe

$'000

$'000

$'000

$'000

$'000

$'000

$'000

HM Revenue and Customs

-

-

21,942

-

-

-

-

21,942

North Sea Transition Authority

-

-

-

-

2,828

-

-

2,828

Department for Energy Security & Net Zero

-

-

-

-

257

-

-

257

Total United Kingdom

-

-

21,942

-

3,085

-

-

25,027

PETRONAS

 794

60,621

-

1,272

-

 691

 9,926

72,510

Malaysian Inland Revenue Board

-

-

18,163

-

-

-

-

18,163

Total Malaysia

 794

60,621

18,163

1,272

-

 691

 9,926

90,673

Total Group

 794

60,621

40,105

1,272

3,085

691

9,926

115,700

 

Production entitlements expressed in barrels

This includes non-cash royalties and state non-participating interest paid in barrels of oil or gas out of EnQuest's working interest share of production in a licence. The figures disclosed are produced on an entitlement basis rather than a liftings basis. It does not include the Government's or National Oil Company's working interest share of production in a licence. Production entitlements are assessed on a quarterly basis and are valued at the price used to determine entitlement under the terms of the production sharing contract.

Taxes

This represents cash tax calculated on the basis of profits including income or capital gains. Income taxes are usually reflected in corporate income tax returns. The cash payment of income taxes occurs in the year in which the tax has arisen or up to one year later. Income taxes also include any cash tax rebates received from the Government or revenue authority during the year and excludes fines and penalties.

Royalties

This represents cash royalties paid to Governments during the year for the extraction of oil or gas. The terms of the royalties are described within EnQuest's Production Sharing Contracts ('PSC') and can vary from project to project within one country. Royalties paid in kind have been recognised within the production entitlements category.

Licence fees

This represents total, rather than working interest share of, licence fees, rental fees, entry fees and other levies or consideration for licences and/or concessions paid for access to an area during the year (with the exception of signature bonuses which are captured within bonus payments if applicable).

Research CESS

Research CESS payments are contractual amounts due under the PM-8E PSC and are based on EnQuest's entitlement to production. These payments are made to PETRONAS.

Supplementary payments

Supplementary payments are required under the PM-8E PSC and are based on EnQuest's entitlement to profit oil and profit gas. These payments are made to PETRONAS.

 

Ends

 

 

 

 



 

For further information please contact:

 

EnQuest PLC

Tel: +44 (0)20 7925 4900

Amjad Bseisu (Chief Executive)

 

Jonathan Copus (Chief Financial Officer)

 

Craig Baxter (Head of Investor Relations)

 

 

 

 

 

Teneo

Tel: +44 (0)20 7353 4200

Martin Robinson

 

Harry Cameron

 

 

Notes to editors

 

ENQUEST

EnQuest is providing creative solutions through the energy transition. As an independent energy company with operations in the UK North Sea and Malaysia, the Group's strategic vision is to be the partner of choice for the responsible management of existing energy assets, applying its core capabilities to create value through the transition.

EnQuest PLC trades on the London Stock Exchange.

Please visit our website www.enquest.com for more information on our global operations.

 

Forward-looking statements: This announcement may contain certain forward-looking statements with respect to EnQuest's expectations and plans, strategy, management's objectives, future performance, production, reserves, costs, revenues and other trend information. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that may occur in the future. There are a number of factors which could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements and forecasts. The statements have been made with reference to forecast price changes, economic conditions and the current regulatory environment. Nothing in this announcement should be construed as a profit forecast. Past share performance cannot be relied upon as a guide to future performance.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
PGRQLLFFZQLFBBZ